Currency headwinds quell drug gains in Q4; says Merck KGaA
FRANKFURT: Germany's Merck KGaA posted a 1.3 per cent decline in adjusted core earnings in the fourth quarter as negative currency effects more than offset strong demand at its lab supplies division and gains from a new multiple sclerosis drug.
Multiple sclerosis (MS) is a demyelinating disease in which the insulating covers of nerve cells in the brain and spinal cord are damaged. This damage disrupts the ability of parts of the nervous system to communicate, resulting in a range of signs and symptoms, including physical, mental, and sometimes psychiatric problems.
Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, slipped to 950 million euros ($1.07 billion), below the average analyst estimate of 981 million in a Reuters poll.
The company was established in 1891 as the United States subsidiary of the German company Merck, which was founded in 1668 by the Merck family.